Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC

All information is at 31 May 2014 and unaudited.

Performance at month end with net income reinvested

                           One    Three     One    Three     Five   
                          month   months    year    years    years  
Sterling:
Net asset value^          1.7%    12.2%  -13.6%   -25.5%    27.6%   
Share price               1.8%    14.9%  -11.0%   -23.2%    21.4%   
MSCI EM Latin America     0.6%    11.7%  -13.7%   -21.6%    19.6%   
US Dollars:              
Net asset value^          1.0%    12.3%   -4.3%   -23.9%    33.0%   
Share price               1.2%    15.0%   -1.4%   -21.6%    26.4%   
MSCI EM Latin America     0.0%    11.8%   -4.5%   -20.2%    24.4%   

^cum income
^^Date which BlackRock took over the investment management of the Company.
Sources: BlackRock, Standard & Poor's Micropal

At month end
Net asset value - capital only:                483.85p
Net asset value - cum income:                  491.21p
Share price:                                   456.00p
Total Assets#:                                 £198.8m
Discount(share price to cum income NAV):          7.2%
Average discount* over the month - cum income:    9.3%
Gearing at month end**:                           2.5%
Gearing range (as a % of net assets):            0-25%
Net yield##:                                      3.9%
Ordinary shares in issue***:                39,369,620
 
#Total assets include current year revenue.
## calculated using total dividends declared for the financial year ended 
31 December 2013 as a percentage of month end share price.
*The discount is calculated using the cum income NAV (expressed in sterling
terms).
**Gearing is calculated using debt at par, less cash and cash equivalents and
fixed interest investments as a percentage of net assets.
***Excluding 2,071,662 shares held in treasury.

Geographic Regional Exposure                                               
                                               %      % of                 
                                           Total    Equity    MSCI EM Latin             
                                          Assets Portfolio   American Index
                                                                           
Brazil                                      62.6      62.8             56.8
Mexico                                      26.9      26.9             26.9
Peru                                         5.9       5.9              2.3
Chile                                        2.7       2.8              8.2
Colombia                                     1.6       1.6              5.8
Net current assets (inc. Fixed Interest)     0.3       0.0              0.0
                                           -----     -----            -----
Total                                      100.0     100.0            100.0
                                           -----     -----            -----
                                                                           
 *excluding net current assets & fixed interest                            
                                                                       % of      % of
Sector                                                         total assets benchmark
                                                                                      
Materials                                                              12.7      16.0
Consumer Discretionary                                                 13.8       6.6
Consumer Staples                                                       18.8      17.6
Financials                                                             32.0      28.3
Health Care                                                             0.0       0.7
Industrials                                                             7.8       6.3
Information Technology                                                  0.0       2.0
Energy                                                                 10.8      10.4
Telecommunication Services                                              2.2       6.5
Utilities                                                               1.6       5.6
Fixed Income                                                            0.3       0.0
                                                                      -----     -----
Total                                                                 100.0     100.0
                                                                      -----     -----

Ten Largest Equity Investments (in percentage order)                                                       
                                                                                                           
Company                              Country of Risk  % of equity portfolio   % of benchmark
                                                                                                           
Itau Unibanco                             Brazil                        8.4              5.3
Petrobras                                 Brazil                        6.9              7.0
Vale                                      Brazil                        5.5              5.1
AmBev                                     Brazil                        5.0              4.5
Banco Bradesco                            Brazil                        4.8              5.2
BB Seguridade                             Brazil                        4.4              1.0   
Grupo Televisa                            Mexico                        4.2              2.3   
Kroton Educacional                        Brazil                        4.0              0.6
Creditcorp                                  Peru                        3.7              1.4
CEMEX                                     Mexico                        3.3              2.0
 
Commenting on the markets, Will Landers, representing the Investment
Manager noted;

Performance

For the month of May 2014, the Company's NAV increased by 1.7% (undiluted NAV)
and the share price increased by 1.8% (all in sterling terms), whilst the
Company's benchmark, the MSCI EM Latin America Free Index, increased by 0.6%. 

Positive contributions to performance stemmed primarily from stock selection in
Brazil and to a lesser extent, Chile and Peru.  In Brazil, the largest positive
contributions came from Kroton and insurance name BB Seguridade.  Other
individual contributors included Peruvian bank Credicorp and Chilean retailer
Falabella.  Weighing on performance was our exposure to Brazil and low
weighting in Chile.  Brazil underperformed as a result of weak economic data
while Chile benefited primarily from currency gains.  The largest individual
detractors for the month included an overweight to Itau, which was a weak
performer, and not owning Grupo Mexico, which performed strongly.

Transactions/Gearing

During the month we reduced exposure to Vale given expectations that an
eventual iron ore price recovery is several months away.  Conversely, we
initiated a position in Banco do Brasil, given better than expected performance
of its loan book quality and as another way (along with Petrobras) to gain
exposure to a potential opposition win in Brazil's October presidential
elections.  We added to Kimberly Clark de Mexico, which is a way to play the
early recovery of the consumer.  They stand to benefit from an improvement in
the Mexican economy (once consumers begin buying premium brands again) as well
as from weaker pulp prices given it's their major raw material.

Net gearing was approximately 2.5% at the end of May.

Positioning

We entered June with greater than index exposure to Brazil and Peru and
underweight positions in Chile and Colombia. Brazil's market performance will
continue to be closely tied to voter preferences as we approach the October 5th
presidential election.  An opposition victory could lead to a reduction in
Brazil's country risk premium and therefore higher fair value for equity
valuations. In Mexico, we continue to search for more clear signs of improved
economic growth ahead of adding to our holdings more aggressively.  It is clear
that positive effects from Energy Reform will be gradual and have small
positive impacts to economic growth for many years.

16 June 2014

ENDS

Latest information is available by typing www.blackrock.co.uk/brla on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).  Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.